Senior Investment Editor
United States (S&P 500): The S&P 500 rose by 2.0% in September, extending its gains from earlier in the year. Investor sentiment remains upbeat, with the market showing resilience as it adapts to the ongoing Federal Reserve rate decisions and macroeconomic factors.
Europe: European equities struggled in September, falling by 0.5%. The energy crisis and inflationary concerns weighed on European markets, with investors growing cautious about the region’s economic outlook.
Asia: Asia emerged as a key driver of global market performance, with a robust 4.6% gain. Strong corporate earnings and favourable government policies, especially in Japan and China’s stimulus, boosted investor confidence across the region.
Emerging markets: Emerging markets were the standout performers in September, surging 6.4%. Chinese stimuli and other regions within the emerging markets space posted strong growth.
Sector performance in September presented a mixed picture, with several sectors showing notable strength while others struggled:
Utilities: The utilities sector led the way, rising 5.3% as investors flocked to its defensive nature amid broader market volatility.
Consumer discretionary: This sector saw a significant gain of 5.1%, driven by increased consumer spending and optimism about future economic growth.
Materials: The materials sector climbed 4.4%, benefiting from the ongoing demand for commodities and raw materials in manufacturing.
Communication services: Communication services saw a 4.1% gain, reflecting strong performances from companies in media, telecommunications, and entertainment.
Real estate: Real estate posted a 3.0% increase, continuing its solid performance as investors seek stable, tangible assets.
Healthcare and energy: Healthcare experienced a sharp decline of -3.1%, while energy dropped -3.5%. Oil’s sharp decline of -7.3% weighed heavily on the energy sector, as uncertainties around energy demand and price volatility continued to impact investor sentiment.
Global equities are measured using the MSCI World Index. Equity regions are measured using the S&P 500 (US) and the MSCI indices Europe, AC Asia Pacific, and EM respectively. Equity sectors are measured using the MSCI World/Sector indices, e.g., MSCI World/Energy. Bonds are measured using the USD-hedged Bloomberg Aggregate Total Return indices for total, sovereign, and corporate respectively.
Quarterly Outlook
Chief Investment Strategist
Quarterly Outlook
Head of Fixed Income Strategy
Quarterly Outlook
Chief Investment Strategist
Quarterly Outlook
Chief Investment Strategist
Quarterly Outlook
Head of Commodity Strategy
Quarterly Outlook
Chief Investment Strategist
Quarterly Outlook
Chief Investment Strategist
Quarterly Outlook
Chief Investment Strategist
Quarterly Outlook
Head of Fixed Income Strategy
Quarterly Outlook
Head of Commodity Strategy
Disclaimer
The Saxo Bank Group entities each provide execution-only service and access to Analysis permitting a person to view and/or use content available on or via the website. This content is not intended to and does not change or expand on the execution-only service. Such access and use are at all times subject to (i) The Terms of Use; (ii) Full Disclaimer; (iii) The Risk Warning; (iv) the Rules of Engagement and (v) Notices applying to Saxo News & Research and/or its content in addition (where relevant) to the terms governing the use of hyperlinks on the website of a member of the Saxo Bank Group by which access to Saxo News & Research is gained. Such content is therefore provided as no more than information. In particular no advice is intended to be provided or to be relied on as provided nor endorsed by any Saxo Bank Group entity; nor is it to be construed as solicitation or an incentive provided to subscribe for or sell or purchase any financial instrument. All trading or investments you make must be pursuant to your own unprompted and informed self-directed decision. As such no Saxo Bank Group entity will have or be liable for any losses that you may sustain as a result of any investment decision made in reliance on information which is available on Saxo News & Research or as a result of the use of the Saxo News & Research. Orders given and trades effected are deemed intended to be given or effected for the account of the customer with the Saxo Bank Group entity operating in the jurisdiction in which the customer resides and/or with whom the customer opened and maintains his/her trading account. Saxo News & Research does not contain (and should not be construed as containing) financial, investment, tax or trading advice or advice of any sort offered, recommended or endorsed by Saxo Bank Group and should not be construed as a record of our trading prices, or as an offer, incentive or solicitation for the subscription, sale or purchase in any financial instrument. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, would be considered as a marketing communication under relevant laws.
Please read our disclaimers:
- Notification on Non-Independent Investment Research (https://www.home.saxo/legal/niird/notification)
- Full disclaimer (https://www.home.saxo/en-gb/legal/disclaimer/saxo-disclaimer)